Henderson Land, controlled by tycoon Lee Shau-kee, paid US$704 million to buy the outstanding shares in its investment unit in June. Its shares lost more than a fifth of their value this year, double the 11 percent decline in the Hang Seng Property Index.
Hang Lung Properties, part of Ronnie Chan's financial services and hotels group, bought Grand Hotel Holdings Ltd from its parent in August. Its stock is down 7.5 percent this year.
Now the company is seeking shareholder approval to shuffle HK$21.2 billion (US$2.7 billion) of assets, selling pieces of its unprofitable toll road and power unit to its money-making China ports business.
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